Statkraft has entered into an agreement to sell its portfolio of four co-located solar parks in Cadiz, Southern Spain, to London-listed investor, TRIG, which is managed by InfraRed Capital Partners and RES.
Statkraft will retain the responsibility for the construction, which will begin in September. All four solar parks are projected to be finalised by the fourth quarter of 2022. This is the first major transaction of a Solarcentury-developed project for Statkraft since the acquisition of the company in November 2020. The solar parks have a total capacity of 234 megawatts peak (MWp).
“The acquisition of Solarcentury has helped Statkraft become a leading solar developer and strengthened our pipeline. The Cadiz solar parks exemplify the quality of the project pipeline acquired through our Solarcentury transaction. Statkraft’s global ambition is to develop 2.5 to 3 gigawatts of wind and solar annually towards 2025. We are confidently on track to reaching our goal to develop eight gigawatts of wind and solar power by 2025,” said Ringstad Vartdal.
Richard Crawford, Director, Infrastructure, InfraRed, said, “We are pleased to have entered into this strategic partnership with Statkraft; who, having developed these four solar projects in Spain, will stay on to deliver the projects through the construction phase.”
“These projects do not rely on government subsidy and the investment manager will consider a range of power price hedging strategies to manage their exposure to changes in merchant power prices,” the firm said.